CR85-p22-Asia&Oceania2:SJC-Casino Review 25/10/09 11:01 Page 1
internationalcasinoreview
Guangdong travel restrictions tightened
Authorities in the Guangdong Province are
News
implementing new visa rules restricting mainland
Chinese visits to Macau, from once a month to once
every two months. The move, which comes as Macau
gears up for its 60th Anniversary celebrations, is a
surprise with most observers expecting one visit per
ASIA & OCEANIA month. Visa restrictions sent GGR plummeting by 12.5
per cent in the first half of the year.
Leading operator Grand
Wynn sets
sights on
Korea Leisure plans IPO
‘breakaway’
Cotai project
Having overtaken
breakingnewground
Paradise Walkerhill
CHINA
as the most
Wynn Resorts, the world’s
profitable casino in
third-largest casino
South Korea, the
operator by market value,
owners of the Seven
has been working on a new
project in Macau over the
Luck in Gangnam, next seven months and has
are now looking to
said he could ‘take the next
float. Phil Martin
step’ as early as spring.
In April, Wynn will open
reports. a US$737m extension to
its flagship project, known
seventhheaven as Encore at Wynn Macau,
SOUTH KOREA but his sights are set on
developing a new hotel
South Korea’s leading oper- casino on Cotai, which he
ator Grand Korea Leisure is described as ‘the most
planning to sell off 49 per extraordinary opportunity
cent of its shares in an in the world.’
initial public offering (IPO) Wynn, who was in Hong
this year and next, as part Kong to promote the
of the government’s plans October 9 listing of Wynn
to advance state-owned Resorts’ Macau assets,
enterprises. also confirmed reports
The operator is cur- that officials in the
rently owned completely southern Chinese province
by the Korea Tourism of Guangdong had
Organisation. recently relaxed
Around 30 per cent of the restrictions on the number
stake, estimated to be worth of times its residents
around 180bn won, will be could travel to Macau.
sold during November, with “There’s a lot of
the remaining 19 per cent to common sense evident in
be made available next year. the Chinese government,”
Mirae Asset has been picked Wynn said. “They cooled
as the manager of the IPO. off the economy when it
Kwon Oh-nam, president was time to cool off the
and chief executive of Gangnam. At a cost of profitable of its three lennium Seoul Hilton hotel Korea Casino Association. economy in Macau. We
Grand Korea Leisure, said: US$7.1m, the new addition casinos. Company officials in downtown Seoul and the One local analyst said: have been at the design
“The IPO will stabilise the has five VIP rooms and an expect Gangnam to Lotte Hotel in Busan. “Although the casino indus- of Cotai for seven
management of the casinos, open hall with 19 gaming account for over half of the There are a total of 16 try in Korea is still at an early months, and we believe
and it will be important for tables over a 13,550-square- 400bn won revenue pro- casinos exclusively for for- stage of development com- we have a breakaway
us to be aggressive in our meter space. jected for 2009 across the eigners in the country, pared to other places like completely unique idea
operating strategies and The group has also intro- three venues. including the Paradise Walk- Macau or Las Vegas, it is that's never been done
improve the company’s duced Texas Hold’em’ Seven Luck Casino erhill casino and the Lotte attracting more foreigners, anywhere before.”
competitiveness.” poker on the first floor. The Gangnam first opened in Hotel Jeju casino. The only which will boost the Wynn said that he wasn’t
The weak local currency casino now has 74 tables January of 2006 and gener- place where Koreans can tourism industry as a whole. overly concerned that the
is helping attract foreign and 112 slot machines. ated about 74.4bn won in gamble is Kangwon Land, Regulations that block two Integrated Casino
players in waves and with Grand Korea Leisure has revenue that year. Sales which opened in 2000. casinos admitting Koreans Resorts in Singapore would
GGR soaring as a result, established itself as the grew to 155.3bn won in However, there are increas- from opening should be eat into his Asian business.
Grand Korea Leisure has country’s most successful 2007 and 185.5bn won in ing calls for more casinos eased. To do that, people’s “People from all over will
opened a third floor at its operator with the Gangnam 2008. Grand Korea Leisure that admit Koreans, accord- ideas about gambling and go to Singapore to check it
Seven Luck Casino in venue becoming the most other venues are at the Mil- ing to an official from the casinos will have to change.” out,” he said, “and if they
have a good experience
they’ll go there more than
once, but as far as the day
Impact study could pave the way in Fiji
in, day out, month in, month
out business, proximity is
the most powerful factor.”
greenshoots has directed that the office of and number of casinos should
REPUBLIC OF FIJI the Prime Minister should be determined only after a
explore the idea further. comprehensive impact
The interim prime minister Citizen’s Constitutional assessment report was done.
in Fiji has said that the Forum chief executive Rev- “It should be able to
country must consider the erend Akuila Yabaki said: “The benefit the people of Fiji,
advantages of legalising the opening of any casino would including the local economy,
operation of casinos to gen- require strict legislation and and not just visiting tourists
erate revenue and boost it would be unfair discrimina- and overseas investors. Meas-
tourism to the islands in the tion to prevent locals from ures need to be in place to
South Pacific Ocean. accessing the casino alto- address any adverse impact
Army Commander Com- gether or to place higher reg- this development might
modore Voreqe Bainimarama, ulations on their participation have,” he said. “Only one
who said casinos would than foreigners.” casino should be sufficient
attract more tourists to Fiji, Yabaki said the location for a country like Fiji.”
22 November 2009 • asia&oceanianews
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